Veterinary Imaging Market: Opportunities and Challenges

The overall Veterinary Imaging Market is expected to grow from USD 1,321.5 million in 2016 to USD 1,948.0 million by 2022, at a CAGR of 6.8% from 2017 to 2022, as per a report by MarketsandMarkets.

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Why untapped emerging markets present an opportunity?

Companion animal ownership has witnessed a steady increase over the past few years, especially in emerging markets such as India, China, Brazil, and other APAC and Latin American countries. According to information portal Animal Health India, the number of pet dogs in India increased by 58.1% from 2007 to 2012. Rapid urbanization and growing disposable incomes are some of the key factors driving pet ownership in emerging countries. A large number of pet owners in these countries are now willing to spend more on pet care, specifically for healthcare services.

Emerging countries like India and China have robust livestock markets. According to an article published by Dairy Tech India 2015, India is emerging as the world's second largest poultry market with an annual growth of more than 14%. The country is also the world's largest milk producer, with an annual output of 1.16 million tons (16% of the global production).

Large poultry and dairy animal population in these emerging markets are also expected to drive the growth of the veterinary health market. Many global players are now focusing on investing in emerging countries to expand their presence in these high-growth markets and thereby ensure long-term revenue growth.

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How lack of animal healthcare awareness in emerging countries remain a challenge?

Emerging economies such as India, China, Brazil, and some Southeast Asian countries are home to a large companion and farm animal population. However, animal health expenditure and the adoption of imaging techniques for diagnosis and treatment in these countries is relatively lower than in North America and Europe due mainly to the lack of awareness among pet owners and veterinarians. This challenge is further exacerbated by the greater focus of veterinary imaging instrument manufacturers on developed markets in North America and Europe as compared to developing markets, primarily due to the wider acceptance of diagnostic imaging modalities and higher animal health expenditure as compared to developing countries. Thus, lack of awareness is a key challenge for the growth of the veterinary imaging market in emerging markets despite their high growth potential.

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